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July 26, 2007 18:34 IST
UK-based human resource firm Hat Pin Plc said on Thursday it has acquired India's Executive Access for close to 6.9 million pounds (about Rs 57 crore) through a cash and equity transaction.
The acquisition of Executive Access (India) Pte Ltd would provide Hat Pin access to a large talent pool and complementary opportunities across its three existing brands, it said in a filing to the London Stock Exchnage.
"I am delighted that we are able to extend our network into such a key, fast-growing marketplace with one of the most talented and ambitious teams," Hat Pin plc Chief Executive Angela Campbell-Noe said while commenting on the acquisition.
Out of the maximum consideration of 6.9 million pounds, 6.5 million pounds is payable on completion, with an additional 0.4 million pound payable on the basis of Executive Access India's profitability over the period to December 31 2008, it said.
The acquisition is being funded partly by way of placing 5,500,000 new ordinary shares in Hat Pin at 100 pence per share to raise 5.5 million pound before expenses, with the balance of the consideration being funded by the issue of new shares.
Executive Access operates across the financial services, technology, corporate, academia and not-for-profit sectors has a well-established, blue chip client base and operational diversity that would complement existing Hat Pin businesses.
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